President of Nigeria Buhari unveils new naira notes as CBN insists on cashless economy

President Muhammadu Buhari on Wednesday officially unveiled the newly

redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by

the Central Bank of Nigeria (CBN).

The newly redesigned naira launch preceded the weekly

Federal Executive Council (FEC) held inside the Council Chamber of the

Presidential Villa, Abuja.

Fielding questions from newsmen after the event, CBN Governor, Godwin

Emefiele, said the CBN is fully poised to make Nigeria a cashless

economy.

He added that the quantum of money that can be withdrawn from the

counter will be drastically restricted, noting that anyone who wants to

withdraw substantial cash would be tracked by security agencies to

determine its use.

Continuing, the apex bank governor insisted that the January 31st

deadline for the exchange of old notes will not be extended, noting that

there are over 1 million points in the country where people can deposit

their old notes.

Emefiele said the CBN must now regularly redesign currency after every five to eight years as policy demands.